Airbnb / Short-Term Rental DSCR Loans: 7.75% – 9.25% · Up to up to 80% LTV · Close in 21 – 28 days
PeerSense structures Airbnb / short-term rental DSCR loans from $150K to $3M for vacation rentals, condo-hotels, and Gulf Coast / Smokies / mountain / coastal STR markets. AirDNA-verified pro-forma income underwriting — no W-2, no tax returns. 80% LTV on STR-legal properties with 12+ month operating history.
Airbnb · VRBO · Booking.com · direct-book · vacation rental · condo-hotel · LLC-friendly · foreign national eligible.
Last updated: ·By Ed Freeman, Capital Advisor — PeerSense
What are typical Airbnb DSCR loan rates in 2026?
Airbnb DSCR loans price 7.75%–9.25% in April 2026. Core coastal STR markets with 2+ year operating history price 7.75%–8.25%. Newer or first-year STR properties price 8.50%–9.25%. Max LTV 80% on STR-legal markets with 12+ month operating data. Min DSCR 1.0x–1.15x (some lenders accept 0.95x with reserves). $150K–$3M loan sizes. 30-year amortization, 5/7/10-year adjustable or 30-year fixed options. Close in 21–28 days.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Airbnb / Short-Term Rental DSCR Underwriting Matrix — Terms by Deal Profile
Pricing varies materially within airbnb / short-term rental DSCR by property type, borrower structure, documentation depth, and market. Pick your profile below for typical LTV, DSCR, term, and rate.
| Property Type | Max LTV | Min DSCR | Term | Amortization | Rate Range | Recourse |
|---|---|---|---|---|---|---|
| STR-Legal Market + 12+ mo History | 80% | 1.0x | 30-yr | 30-yr fixed or 5/7/10 ARM | 7.75% – 8.25% | Non-recourse (LLC) |
| STR-Legal Market + Pro-Forma Only | 75% | 1.10x | 30-yr | 30-yr fixed or 5/7/10 ARM | 8.0% – 8.75% | Non-recourse (LLC) |
| Cash-Out Refi (Stabilized STR) | 70–75% | 1.10x | 30-yr | 30-yr fixed | 7.875% – 8.75% | Non-recourse (LLC) |
| First-Year STR Operator | 70–75% | 1.15x | 30-yr | 30-yr fixed or 5/7/10 ARM | 8.25% – 9.0% | Non-recourse (LLC) |
| Restrictive-Zoning Market (Grandfathered) | 65–70% | 1.15x | 30-yr | 30-yr fixed | 8.5% – 9.25% | Non-recourse (LLC) |
| Condo / Condo-Hotel | 65–75% | 1.10x | 30-yr | 30-yr fixed | 8.0% – 9.0% | Non-recourse (LLC) |
| Portfolio (2–10 STR Units) | 75% | 1.10x | 30-yr | 30-yr fixed | 7.875% – 8.75% | Non-recourse (LLC) |
| Pro-Forma with Appraiser 1007 Rent Survey | 75% | 1.15x | 30-yr | 30-yr fixed | 8.25% – 9.0% | Non-recourse (LLC) |
STR-Legal Market + 12+ mo History7.75% – 8.25% · 80% LTV
- Max LTV
- 80%
- Min DSCR
- 1.0x
- Term
- 30-yr
- Amortization
- 30-yr fixed or 5/7/10 ARM
- Rate Range
- 7.75% – 8.25%
- Recourse
- Non-recourse (LLC)
STR-Legal Market + Pro-Forma Only8.0% – 8.75% · 75% LTV
- Max LTV
- 75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30-yr fixed or 5/7/10 ARM
- Rate Range
- 8.0% – 8.75%
- Recourse
- Non-recourse (LLC)
Cash-Out Refi (Stabilized STR)7.875% – 8.75% · 70–75% LTV
- Max LTV
- 70–75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 7.875% – 8.75%
- Recourse
- Non-recourse (LLC)
First-Year STR Operator8.25% – 9.0% · 70–75% LTV
- Max LTV
- 70–75%
- Min DSCR
- 1.15x
- Term
- 30-yr
- Amortization
- 30-yr fixed or 5/7/10 ARM
- Rate Range
- 8.25% – 9.0%
- Recourse
- Non-recourse (LLC)
Restrictive-Zoning Market (Grandfathered)8.5% – 9.25% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.15x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 8.5% – 9.25%
- Recourse
- Non-recourse (LLC)
Condo / Condo-Hotel8.0% – 9.0% · 65–75% LTV
- Max LTV
- 65–75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 8.0% – 9.0%
- Recourse
- Non-recourse (LLC)
Portfolio (2–10 STR Units)7.875% – 8.75% · 75% LTV
- Max LTV
- 75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 7.875% – 8.75%
- Recourse
- Non-recourse (LLC)
Pro-Forma with Appraiser 1007 Rent Survey8.25% – 9.0% · 75% LTV
- Max LTV
- 75%
- Min DSCR
- 1.15x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 8.25% – 9.0%
- Recourse
- Non-recourse (LLC)
Indicative ranges as of April 2026. Individual deal pricing depends on LTV, DSCR, property type, tenant credit, sponsor track record, and market spreads at the time of rate lock. Contact PeerSense for a deal-specific indication.
Why Airbnb DSCR Underwrites Differently Than Long-Term Rental DSCR
STR income is volatile. A long-term tenant pays $3,000/month reliably for 12 months; an Airbnb earns $8,000 in July and $2,000 in January. Lenders account for this with (1) trailing 12-month actuals when available, (2) AirDNA comparable data floored at the 50th percentile, (3) long-term-rent fallback as stress test, and (4) higher DSCR floors (1.10x–1.15x vs. 1.0x on long-term DSCR). Getting each of these right is the difference between a 7.75% deal and an 8.75% deal.
AirDNA Comparable Data Is Mandatory
Every major DSCR STR lender pulls an AirDNA Rentalizer or MarketMinder report during underwriting. Lenders use the 50th percentile (median comp) — not the top-decile numbers sellers pitch. Pull your own AirDNA report BEFORE going to contract to verify the deal cash flows at lender-conservative assumptions.
STR Legality Is a Hard Gate
Markets with active STR bans (SF, NYC, Santa Monica), strict permit caps (Austin, Honolulu, Breckenridge), or HOA prohibitions either don't finance as STR DSCR or require fallback to long-term rent underwriting. The legality check must happen BEFORE LOI — wasted diligence is expensive.
Seasonality Haircut in Underwriting
Lenders apply 15–25% seasonality haircut on pro-forma annual revenue to underwrite conservatively. A $100K AirDNA projection becomes $75K–$85K in the DSCR calculation. Builds in buffer for slow shoulder seasons and booking volatility that killed undercapitalized investors in 2023–2024.
Operating Expense Normalization
STR operating expenses run 35–55% of gross revenue vs. 25–35% for long-term rentals (higher cleaning, supplies, management, Airbnb fees). Lenders expense-normalize — make sure your underwriting expense ratio matches lender conventions or you'll face a surprise at commitment.
Airbnb / Short-Term Rental DSCR Deal Types We Structure
Gulf Coast / Smokies / Mountain STR Acquisition
You've identified an STR-legal property in a high-volume short-term rental corridor (Destin, Panama City Beach, Gatlinburg, Pigeon Forge, Sedona, Park City, Truckee). DSCR-STR with 80% LTV, 30-year amortization, non-recourse via LLC. AirDNA comps verify the deal cash flows.
Cash-Out Refi on Stabilized STR
You've operated the STR for 18+ months with strong trailing revenue. Cash-out refinance unlocks equity at 70–75% LTV for additional STR acquisitions or diversification into long-term rentals.
STR Portfolio — 2 to 10 Units
Multi-property STR portfolio structured under a single umbrella LLC. Portfolio DSCR unlocks tighter pricing than individual-property financing. Geographic diversification across 2+ markets lowers concentration haircut.
First-Year STR Operator (Pro-Forma Income)
You're acquiring a property to convert from long-term rental to STR (or brand-new construction). No trailing STR history yet — underwriting runs on AirDNA pro-forma comps with conservative 50th-percentile floor. 70–75% LTV typical.
Grandfathered Market (Austin, Arizona)
Property in a market with strict STR permit caps but grandfathered permit in place. Lenders require proof of permit (or assumable permit) as condition to close; pricing is 25–75 bps wider than unrestricted markets but deal is financeable.
Airbnb / Short-Term Rental DSCR Loans — Frequently Asked Questions
Can DSCR lenders underwrite to Airbnb / short-term rental income?+
Yes — specialty DSCR lenders underwrite STR income two ways: (1) trailing 12-month Airbnb / VRBO revenue from your property (if you've owned it as an STR for 12+ months), or (2) AirDNA comparable pro-forma data for the specific sub-market and property type. Most DSCR STR lenders accept the higher of the two. Market-rate long-term rent is used as a floor for stress-test underwriting.
What are typical Airbnb DSCR loan rates in 2026?+
Airbnb DSCR rates are 7.75%–9.25% in April 2026. Core coastal STR markets (Gulf Coast, Smokies, Hilton Head) with 2+ year operating history and 1.15x+ DSCR price at the tight end. Newer properties, first-year STR operators, or restrictive-zoning markets price wider. Expect 100–175 bps above conventional DSCR rates for long-term rental properties.
What LTV can I get on an Airbnb DSCR loan?+
Airbnb DSCR LTV caps at 80% on purchase for properties in STR-legal markets with 12+ months operating history. 75% on purchases with pro-forma STR income. 70%–75% on cash-out refinance. Lower LTV (60%–70%) for condos, condo-hotels, and properties in markets with STR regulatory risk (Austin, SF, NYC, certain Arizona / Florida jurisdictions).
Does zoning / HOA STR restriction affect financing?+
Yes, materially. Properties in markets with active STR bans or strict permit caps (San Francisco, New York, Santa Monica, Austin, certain Colorado ski markets, Breckenridge, Park City) either don't finance as STR DSCR or require fallback underwriting to long-term rental income. HOA covenants prohibiting short-term rentals disqualify the deal outright as STR DSCR. Verify zoning + HOA rules BEFORE going to contract.
How does AirDNA comparable data work in underwriting?+
DSCR STR lenders pull AirDNA's 'Rentalizer' or 'MarketMinder' report for the specific property address — showing projected annual revenue based on comparable active Airbnb / VRBO listings within 0.5 mile with the same bedroom count, bathroom count, and amenities. Lenders typically underwrite at the 50th percentile (median comp performance) — not the 75th or 90th percentile that sellers often pitch. AirDNA data costs ~$40 per report.
Is Airbnb DSCR different from vacation rental DSCR?+
Mostly the same product. 'Airbnb DSCR' is a marketing shorthand — lenders underwrite any short-term rental regardless of booking platform (Airbnb, VRBO, Booking.com, direct-book). Lenders care about: (1) the sub-market's STR legality and enforcement, (2) trailing revenue data quality, (3) property's specific STR-friendliness (amenities, hot tubs, pools, walk-to-beach). Vacation-rental-specialist lenders (Visio, Lima One, Change Lending, Kiavi) lead the category.
Can I close an Airbnb DSCR loan in an LLC?+
Yes — most Airbnb DSCR lenders REQUIRE an LLC or similar entity. Investor DSCR products are non-owner-occupied by definition; individual-name closings typically trigger owner-occupancy issues. Single-member LLC is fine; multi-member may require additional sponsor guarantees. See /dscr-loans/llc for LLC-specific DSCR details.
How fast can Airbnb DSCR close?+
21–28 days from application to close for well-documented borrowers (650+ FICO, 6+ months reserves, clean title, AirDNA comps available). 21-day closes require: full sponsor financials upfront, pre-ordered appraisal, LLC entity ready, STR legality pre-verified. First-time STR investors with pro-forma-only income (no trailing operation) typically run 28–35 days.
Real Reviews from DSCR Investors
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DSCR Investor Loan Sources
- Fannie Mae Multifamily (DUS) — Agency take-out option for stabilized 5+ unit investor properties refinancing out of DSCR into agency long-term debt.
- Freddie Mac Optigo — Agency take-out for stabilized investor multifamily — common DSCR-to-agency path at stabilization.
- AirDNA — Short-Term Rental Market Data — Industry-standard data provider for Airbnb / short-term rental occupancy, ADR, RevPAR — used by DSCR STR lenders for income underwriting.
- FHFA Conforming Loan Limits — Annual conforming loan limit thresholds defining where 'jumbo' DSCR begins ($766,550 baseline, $1.149M high-cost, 2026).
- MBA Commercial/Multifamily Finance Research — Quarterly commercial mortgage origination volumes including non-QM / investor loan category.
- NAR Investment Property Statistics — National Association of Realtors data on investor share of residential sales, property type breakdown, and regional trends.
External links are provided for informational and verification purposes. PeerSense is not affiliated with and does not endorse any third-party site. Information was current at the time of publication.
Deals We Fund
Representative deal profiles showing our typical financing structures and terms.
$8M Value-Add Multifamily — Tampa, FL
SOFR +395 | 75% LTC | 14-day close
$1.8M 6-Unit Rental Portfolio — Phoenix, AZ
7.25% | 75% LTV | No income docs | 1.25x DSCR
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Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Disclaimer: Airbnb / Short-Term Rental DSCR loan rates, terms, and availability are subject to change based on property condition, borrower qualifications, credit score, market conditions, and lender-specific guidelines. Rate ranges reflect approximate April 2026 non-QM / investor loan pricing and may not reflect current market conditions at the time of reading. PeerSense is a capital advisory firm, not a lender. We do not originate, fund, or service loans. All financing provided by third-party lenders subject to their own underwriting.